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Once you have the files go to the downloads directory and extract the compressed files you downloaded. I extracted mine with ARK. Use whatever you use for extracting compressed files.

Once the files are extracted. Drag and drop the smartcash-1.1.1 folder into your home directory.

Open the smartcash-1.1.1 folder and create a new folder inside it called smartcash

Open up the bin folder now, and cut smartcash-qt and paste it into the new smartcash folder that you just made.

We now have to make the smartcash-qt file executable. Open your terminal program amd cd to:

cd ~/smartcash-1.1.1/smartcash

Once you’re inside the smartcash directory we need to make the smartcash-qt file executable. Type ls to make sure the file is there and that you’re in the proper directory. Once you verifie the smartcash-qt file is there type:

chmod +x smartcash-qt

The file is now executable. Next we want to open the program. Make sure you’re still in the smartcash folder and type:

./smartcash-qt

This will open the smartcash wallet.

Whenever you need to open the wallet you need to go to the smartcash folder and open it using the above command. ./smartcash-qt

If you’ve done everything correct the wallet should open and ask you to select the data directory. I selected the default directory.

Once you select the data directory the program will open the wallet and begin to start downloading the blockchain. The size of the SmartCash blockchain is very large and depending on your internet connection could take several days. To fix this we’re going to click on “FILE” and “Exit” in the upper left hand corner of the wallet.

YOU ALWAYS WANT TO CLOSE THE PROGRAM LIKE THIS. DO NOT JUST CLOSE THE WINDOW USING THE X IN THE RIGHT HAND CORNER. IF THE PROGRAM IS NOT SHUTDOWN PROPERLY YOU COULD CORRUPT YOUR DATABASE FILE

Once we’ve closed the program we want to return to our downloads folder and uncompress the txindexstrap.zip file. Once the file is extracted we need to return to the file manager, in Dolphin you click control and check “show hidden files” to see all the hidden files on your computer. You are looking for the .smartcash folder.

Once you open the .smartcash folder you want to delete both the “blocks” and “chainstate” folders. Once those two folder are deleted. Return to the downloads folder or wherever you extracted the txindexstrap.zip file. Open up the extracted folder and cut the “blocks” and “chainstate” folders and paste them into the .smartcash folder.

OK we’re almost finished. Now create a text file inside the .smartcash folder and name it smartcash.conf

Inside smartcash.conf you will write one line of code.

txindex=1

Save the .conf file This basically helps the wallet to organize the blockchain data

Now from terminal return to ~/smartcash-1.1.1/smartcash

Once you are in the proper directory type:

./smartcash-qt

And your wallet will open and begin to sync the new blockchain. It took about 8 hours on my computer. If you were to do this without the bootstrap file, it would probably take several days depending on the speed of your computer and internet connection.

Once the blockchain syncs you should have a working SmartCash wallet. At this point it is highly recommend that you back up your wallet. Simply go to “file” then “Backup Wallet” Save the backup file on a usb stick. I try to keep a couple different backups on different computers and usb sticks.

In the event you ever need your backup, simply go to the hidden folder .smartcash and replace wallet.dat with your backup file and all should be right again in your world.

I would suggest making backups after each use or at the very least weekly or monthly.

Hope you found this tutorial helpful. Thanks for reading and watching the video. Happy trading!

Just came across the PoSwallet roadmap for 2017. These guys are accomplishing big things. If this is your first time hearing about PoSWallet, it is an online group cryptocurrency staking wallet. Basically users pool together their proof of stake cryptocurrencies and PoSWallet stakes them in a group wallet and distributes the staking rewards to the members for participating. This is a really great way to stake multiple cryptocurrencies without tying up tons of system resources. Now instead of running a wallet for each POS (proof of stake) coin you have, you can just hodl them in your PoSwallet account and still enjoy the earnings. They currently host wallets for close to 100 different proof of stake coins.

I’ve been following this site pretty much from the beginning. I’ve watched it’s user base and platform both grow considerably. Their most recent upgrade is an on site cryptocurrency exchange for trading. Now you don’t even have to transfer your coins to an exchange, and you can trade them right on the site. I came across their roadmap for 2017, and I have to say it looks pretty impressive.

PoSWallet roadmap for 2017

These guys are accomplishing big things, not to mention best ICO offer I ever bought into! If you’re interested in learning more about this project, you can check out these two interviews I did with the lead dev awhile back. The first link is about the PoSWallet coin, and the second one is about the staking wallet. This has been a really fun and interesting project to follow:

As many of you know The Dood is a huge fan of OKcash! I was talking with my cousin the other night and she expressed an interest in learning about cryptocurrency. I decided to get her and a couple other relatives started with OKcash this Christmas. It’s a strong coin, has a decent market cap for an alt, and lots of community support. Not to mention an easy to use wallet with support for most OS platforms.

IMO the best way to hand out holiday cryptocurrency would be to hand out paper wallets. However, to insure that the paper wallet had a backup I also backed it up with an image and uploaded it to a USB drive. I then placed the printed out paper wallet, and the USB stick in a gift box and wrapped it for presentation. Here’s what I did.

There are multiple themes to choose from, I selected one of the Christmas themes.

Now make sure you press the single wallet tab, then click on generate wallet and it will automatically generate the wallet for you and create a couple matching QR codes for the public and private address. Now take a screen shot of the wallet you created and save it in jpg format.

The paper wallet screen shot that was printed out and saved to USB stick

I should note, that there is a way to create a really cute paper wallet / gift card but using my Firefox browser I just couldn’t get it to print large enough. I have no idea what I was doing wrong, whether it was my printer or the browser but it just wasn’t working for me. However, taking the screen shot and printing them out almost reminded me of a stock certificate and it looked really cute with the Xmas theme. So I took the screen shot, cropped the image in Gimp however any image editing software would do, printed it out and then loaded the image onto a USB stick for a backup.

Now if you have a phone wallet, that you’ll use to load the wallets, just scan the public qr code on the printout and transfer the OKcash. Send a small amount first, then go to the blockchain and make sure it accepted it and everything is working good.

If anyone is quick enough, there’s 9 OKcash for the grabbing. Not a lot but I wanted to show a test transfer for loading the wallet.

Once the paper wallet is loaded, place in box with USB drive, wrap and give for Xmas.

What a fun way to introduce friends and family to cryptocurrency. You can do this with any cryptocurrency that offers a paper wallet. The process is pretty much the same. Thanks for reading, happy holidays, and wishing you all a prosperous New Year!

Recently I spoke with the lead dev of PoSWallet.com and we talked a little about his new project PoSW coin and of course the latest upadtes on what’s happening with PoSWallet.com

Disclaimer:The Dood loves this project and does hold a small amount of PoSW coin. Nothing in this post or blog should be taken as financial advice, seek a duly licensed financial adviser for financial advice, not some guy on the internet who refers to himself as The Dood. It should also be noted that the link at the bottom of the page is a referral link. You can read my first interview with PoSWallet.com talking about the group staking wallet here.

BitcoinDood –Thanks so much for taking the time out of your busy schedule for this interview. This is your second time back, and a lot has happened since the last time we spoke. For anyone new to the blog or not familiar with your projects, could you introduce yourself and tell us a little about who you are, and your relationship to POSWallet.com and PoSW coin?

PoSW coin – It has been a minute – I’m glad to be invited back again for another round. I am the lead dev for PoSWallet.com – we are a group of folks that would rather use crypto than standard cash, but also understand that most everyday-folk have no idea how to compile a wallet etc. We are connecting crpyptocurrency (specifically PoS altcoins) with the masses. Furthermore, we try to make sure the website takes all of the user suggestions and implements them into an all-in-one crypto site.

BitcoinDood –So POSWallet seems to be doing great! I put a small portion of my altcoin portfolio in there and I’ve been real happy with the results. It’s so nice checking on all those POS coins and watching them grow every week. POSWallet.com was down for a few days, and I guess you suffered a major DDoS attack from what I read. You then quickly made a bunch of improvements and everything seems to be running great since. Can you talk a little about what happened, and the upgrades you made to the system?

PoSW coin – Glad to hear you are happy with the results! So we now have over 450k user addresses staking, which is around 10x what we had a few months ago during the last interview. Growth has been very fast; however, with that have come a few DDoS attacks. I am not going to get into the specifics, but we made quite a few substantial redundancy improvements to mitigate future DDoS attacks. We have also greatly improved the website speed/load times and brought nodes online across 3 different continents.

BitcoinDood –Pretty exciting times. The site’s doing great and now you’re working on a new coin project. Could you tell us a little about PoSW coin?

PoSW coin – Of course! The PoSW coin took a lot of energy in terms of figuring out how to make it worthwhile for the users. We are trying to avoid all the current buzz related to altcoins – the ICO scams, devs disappearing, coins with no intrinsic value, etc. The PoSW coin has intrinsic value, as it is essentially a share of PoSWallet.com and the profits that it generates.

At the end of every month, we will choose a payout block. Every address that holds PoSW coins on this block will receive a dividend, directly related to the total profits of PoSWallet.com for that month. The same amount of PoSW will be burned into a dev burn account to counter the inflation – this will help drive the price of PoSW up and benefit the investors.

We also have big plans for the PoSW coin at PoSWallet.com – it will essentially be the currency of the website. As we bring more features online (hint hint, an exchange might be coming) users will use PoSW as a currency.

BitcoinDood – According to the ANN the profits from the coin will be used to pay for all the hosting, server, and business costs of POSWallet.com and all extra profits will be returned to PoSW coin holders each month in the form of dividends. I guess by buying into this coin, each coin holder kind of becomes a shareholder in POSWallet.com. Am I right in thinking this, and could you also explain further on how this will work?

PoSW coin – You are exactly right – I jumped the gun a bit in the last response. Besides using the coin for features that will be coming online soon at PoSWallet.com, the PoSW coin will continue to grow in value as monthly dividends are paid out. We will take the gross profits from stakes and coin investment, subtract off the cost to run the site and buy a bunch of ramen, then pay out the rest in PoSW to the users!

BitcoinDood – Now along with earning dividends as a coin holder you will also earn 1% staking interest. Could you explain a little more about the staking feature of the coin, and how this will work?

PoSW coin – Initially, we were not going to have any staking rate for the PoSW coin; however, that would have been quite ironic – a coin used at a PoS website that doesn’t use the PoS algorithm. The staking rate is small (1%), and we like it that way. We want to control inflation and make sure our investors get the most bang for their buck.

In terms of the actual PoS algorithm – it is similar to the majority of other PoS coins.

BitcoinDood – The PoSW coin wallet will be released around the first of the year for now you can hold your coin on POSWallet.com. Could you tell us a little about the wallet release, and any interesting features the wallet will include?

PoSW coin – So we beat our initial estimates for the source code (yay!) – we are still working on the Windows wallet. We expect this to be online by the 1st of the year. We have some cool integration ideas for the wallet in future releases, for now it is just a standard wallet where you can store your PoSW.

BitcoinDood –So back to POSWallet.com. With the funding earned from PoSW coin you’re planning on making some serious improvements and changes to the POSWallet.com platform. I know you may not be able to disclose everything that you’re working on, but I’m sure the readers would love to hear about anything you’re willing to share. What can you tell us about any new features coming to the platform in the future?

PoSW coin – Exchange, exchange, exchange. This is one of the most frequently asked questions about the site: How do I exchange one coin for another? Well guess what – we are working hard on this! There are also a few more features in development (one that I think people will like even more than an exchange) but for now stay tuned!

BitcoinDood – I would consider PoSW coin an ICO offer. I do like the fact that there is actually a working Proof Of Concept with POSWallet.com. You can already see the hard work that’s been put into the project. What else separates PoSW coin from other ICO’s offers out there?

PoSW coin – This is great question – and fundamentally difficult to answer. At some point, every new coin has an ICO – users have to get coins somehow. Sometimes they are distributed for free, sometimes purchased, or mined. The biggest difference between the PoSW launch and most other ICOs is that we did the work before launching the coin – most ICOs ask for money up front then ‘forget’ to deliver.

BitcoinDood – PoSW coin is already available and I imagine the coin will also be available for trading on different exchanges. Have you been in talks with any exchanges yet? If so, can you divulge which ones we may able to trade PoSW coin on and where can people currently buy PoSW coin now?

PoSW coin – We are definitely going to be on exchanges – both Cryptopia and NovaExchange are either listed or in process of listing. We purchased the YoBit add and have started the Bittrex/Poloniex addcoin process. We definitely want to get on new exchanges (to help promote them) so if you are the owner of a new exchange, please contact me!

BitcoinDood – The Dood really appreciates you taking the time to answer these questions. Is there anything you would like to add that hasn’t already been covered in this interview? Any new features coming to POSWallet.com or maybe a cool feature of PoSW coin that I may have missed?

PoSW coin – As always, I think you did a great job with the questions. The team here is working very hard on rolling out new features – besides the exchange, we are going to keep the new stuff under wraps :).

BitcoinDood – So I usually end every interview with the same last question, but seeing this is your second interview with The Dood, let me ask you this. POSWallet.com is growing,the site is running great, and it’s user base continues to grow. If you could look into a crystal ball, what do you think the future of POSWallet.com and PoSW Coin will look like?

PoSW coin –Another tough question – the last question in the 1st interview was easier! In terms of the future of PoSWallet.com – we are going to continue to thrive. This was never meant to pay our bills, it is a labor of purpose. We truly believe that cryptocurrency is the future and we want to be the harbingers of that future. This ideology was really the driving force behind the PoSW coin – get as many people involved as possible, then pay out the profits to them so they continue to spread the word.

I have always disliked the following phrase, but it seems so applicable in this one instance. Where will the PoSW coin be in the future? To the moon, of course! 🙂

BitcoinDood – Thank you so much for taking the time out of your busy schedule during your coin launch and answering these questions. The Dood really appreciates your time and all your hard work on both POSWallet.com and PoSW coin. The Dood wishes you and the entire POSWallet team the best of luck on this project and all your future endeavors in 2017. Happy holidays, and happy new year to you and your team!

PoSW coin – Happy holidays to you as well – I am sure we will continue to be in contact!

You can use these links to find out more abouot PoSW coin and PosWallet.com. It should be noted that The Dood holds a small amount of PoSW coin and the below link to PoSWallet.com is a referral link.

BitcoinDood:Thanks for taking the time to do this interview. If you don’t mind could you tell the readers who you are and what your relationship is to POSwallet.com?

POSwallet: Thanks for reaching out to me. I am the lead dev of poswallet.com, a group of cryptocurrency die-hards that have been involved in this field since 2013. I’ve got a 15 year background in web programming and a doctorate in database engineering.

BD:POSwallet is an online staking pool. Could you tell the readers a little about the site and what a staking pool is for anyone that may not know?

PW: Sure, great question. About 6 months ago I ran into a problem where I had ~30 different wallets running on my main computer, essentially bogging down the computer enough that it became unusable. I bought another rig to just run the wallets; however, did not have a good system to keep track of my balances and stake frequency. The core of the poswallet.com software package originated as a solution to this problem.

A staking pool is a service where users deposit their coins, the coins are combined, then staked at a higher frequency than if the user staked their coins in a solo environment. This type of service allows for a much more consistent stake rate for the average user.

BD:What are some of the benefits of joining a staking pool over say, installing multiple wallets on your own machine and staking all the coin yourself?

PW: Computer resources, electricity costs, carbon footprint, and constant upgrades/wallet maintenance are all saved/eliminated by joining a group staking pool. Many users do not have the technical prowess to manage a few dozen altcoin wallets – services like poswallet.com bring the complex world of cryptocurrencies to the masses. Frankly, it is easier to set it and forget it (throwback to the 90s) than to constantly manage a few dozen wallets.

BD:At the time of this writing you have over 60 different wallets that you offer for staking. A lot of coins are using POS now. How do you decide which coins/wallets to include in the POS pool? Do you ever take coin/wallet requests for new additions? Is there any type of voting system in place?

PW: The initial ~30 coins were chosen because I owned those coins – since then, I have been adding coins as they are requested by the user base. I do not charge devs to host their coins; however, I do ask that ~0.10 – 0.25 BTC equivalent of said coin are loaded into the faucet/staking wallet. I try not to refuse any coin addition requests, as long as the coin is legitimate and has a compile-able wallet and reputable website/ANN.

BD:Without giving away any secret company info, can you talk about the type of equipment you’re using to run the service? How many machines does it take to keep something like this operating at full capacity? What are the energy requirements compared to say a mining operation?

PW:Keeping 65 blockchains synced up and processed is a surprisingly complex task. At last check, the database system supporting the website is ~20 GB large, in addition to the ~100 GB of raw blockchain data for all of the coin wallets.

In terms of hardware – we have multiple server setups for redundancy and different security measures. The number of servers is somewhere between 6 and 16 :). The overall hardware setup is still much less energy-intensive than a large scale mining setup, as CPUs/SSDs are generally much less power hungry than GPUs.

BD:Many people worry about the security of leaving their coins in a pool or on an exchange. It seems like every couple months or so another exchange is announcing that they’ve been compromised and are missing funds. On your website it mentions a review feature, and that you match balances in a cold wallet. Could you elaborate on that a little more and explain what that means?

PW: This is one area where we wanted poswallet.com to be different than other websites. First – we have coins stored in cold-storage acting as insurance against user deposits. Second – a large percentage of transactions are manually approved after review; there is a complex security system that monitors (and flags as necessary) all transactions across all of the poswallet.com user addresses. Although this does lead to a delay for a small number of transactions – generally ~30min delay for <5% of transactions – it also leads to a much more secure experience overall.

BD: The Dood never really rushes into anything. I recently transferred over a small amount of my portfolio to see how the service works; I’ve slowly been adding more. I have to say, The Dood’s impressed. Even with the little bit of coin I transferred I began seeing immediate returns in stake. The best part is I’m not tying up any of my system resources by running multiple wallets on my own machine. Can anyone join the pool? Is there a minimum balance you need of a particular coin? Can a guy do this with his faucet earnings if he wanted? What type of investments and returns can someone expect with something like this?

PW:Anyone and everyone can join – the real goal of poswallet.com is to bring altcoins to people who are not as tech-savvy as the folks that populate the bitcointalk forum. There are no minimum balance requirements and many users only have the faucet balances in their account (while still earning stakes). In terms of ROI, poswallet.com does not guarantee any return on investment – there is risk in altcoin investments. We are not financial investment advisors and don’t promise to be able to tell the future. That being said, depending on which coins a user chooses to invest in, the ROI can be relatively large. There are multiple PoS coins at poswallet.com that stake > 100% per annum. Remember, a higher interest rate is always coupled with higher risk.

Overall, even with the risk, altcoins present a possibly substantial source of income in a world full of negative interest rates.

BD:What about fees? Are there fees for deposits? Fees for withdrawals? Any minimum time required to store or withdraw coins? Any penalties for early withdrawal or anything like that?

PW: There is a flat deposit fee of 1%, which covers faucet refills and server/operating costs. If the 1% fee generates more coins than required to keep the faucets full and the lights on, the fee will be paid back out to the members. We have a few ideas on how to do this in a fun way.

There are account requirements – no penalties for withdrawals either. One thing to note: once a user sends coins to a poswallet.com address, there is an initial vesting period (different for each coin, but generally 3-4 hours) where the coins can not be immediately withdrawn. This was added to cut down on users depositing, waiting for a fast stake, then immediately withdrawing over and over; we want to keep transaction cost and server load overhead down where possible.

BD:Is there anything you would like to mention that wasn’t talked about earlier or any special site features that I may have missed?

PW: I really appreciate you taking the time to talk with me – great questions overall. If anyone has any more questions, please head over to poswallet.com and chat with me in the support center. Also, we are always looking for more/new/awesome PoS altcoins to add to the site.

We are always adding more features – blockchain explorers for all of the supported coins are currently under development, and the faucet has sent out over 25k claims as of this morning. If you have a good idea for a feature at poswallet.com , please send it our way!

BD: When it comes to money and finance, cryptocurrency has the potential of changing everything. I always end every interview with the same last question. Where do you see cryptocurrency going in the future. Can you share any visions, thoughts, or predictions of where you think this is all heading?

PW: I expect explosive growth in total cryptocurrency market cap over the next 2-3 years – by 2019, the total cryptocurrency market cap will be > $200B USD. We are still very much at the ground floor of this movement; however, until apps start reaching out to every day internet users, growth will be slow. We need to work together as devs to drive adoption by both techies and non-techies alike.

The Dood would like to thank the lead dev of POSwallet.com for taking the time to answer these questions and do this interview.

Thanks for taking the time to read this article. The Dood hopes you found it as fascinating and informative as I did writing it. Thanks again to POSwallet dev for taking the time answer these questions. The Dood wishes you and the entire POSwallet team the best of luck on your project and all your future endeavors!

Disclaimer:Nothing posted here is meant as financial advice, Seek a duly licensed financial professional for financial advice, not The Dood. The Dood is not affiliated with POSwallet in any way, other than using the service himself. I do plan on doing a website and product review some time in the future. For now, all I’ll say is I’m happy with the service and everything seems legit. Remember you should always hold your own public and private keys, but this is a great way to stake multiple coins at once without tying up all your system resources. I wouldn’t stake my life savings on here, but this is a great way to stake a fraction of your portfolio and start earning some interest on those coins that may just be sitting around on an exchange or in a closed wallet. Not giving out advice here, just saying 🙂

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Nothing here is meant to be taken as financial advice. All information is posted strictly as opinion. Please seek a duly licensed professional for financial advice, not some guy on the internet who refers to himself as The Dood.
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